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On 17 December 2020, the German Parliament passed the
Act on the Further Development of Restructuring and Insolvency Law
( SanInsFoG ), which is expected to lead to a fundamental
change in the restructuring landscape in Germany.
The SanInsFoG primarily serves to implement the EU Restructuring
Directive of 20 June 2019
(Directive (EU) 2019/1023) and aims at introducing a
comprehensive legal framework for out-of-court restructurings in
Germany (preventive restructuring framework). The centerpiece of
the SanInsFoG is the Act on the Stabilization- and Restructuring
Framework for Companies ( StaRUG ). Apart from that, the